Company Accounts

20 Questions  I  By Sweetsalman123

  
Changes are done, please start the quiz.


Question Excerpt

Removing question excerpt is a premium feature

Upgrade and get a lot more done!
1.  Followings are the information related to Great Ltd.: (i) Equity share capital called up Rs. 3,00,000 (ii) Call-in advance Rs. 10,000 (iii) Call in arrears Rs. 15,000 and (iv) Proposed dividend 20%. The amount of dividend payable by Great Ltd. will be  
A.
B.
C.
D.
2.  A company issued Rs. 100,000 15% Debentures at a discount of 5% redeemable after 10 years at a premium of 10%. Loss on issue of debentures will be:
A.
B.
C.
D.
3.  W Ltd. issued 20,000, 8% debentures of Rs.10 each at par, which are redeemable after 5 years at a premium of 20%. The amount of loss on redemption of debentures to be written off every year will be 
A.
B.
C.
D.
4.  All of the following have debit balance except  
A.
B.
C.
D.
5.  A company forfeited 1,000 shares of Rs.10 each(which were issued at par) held by Mr.John for non-payment  of allotment money of Rs.4 per share.The called-up value per share was Rs.8 .On forfeiture,the amount debited to share capital will be 
A.
B.
C.
D.
6.  A Ltd. makes an issue of 10,000 Equity shares of Rs. 100 each payable as follows: On application and al lotment  Rs. 50   On First Call                                 Rs. 25 On Second & Fi nal Ca II           Rs. 25 Members holding 400 shares did not pay the second call and the shares are duly forfeited, 300 of which are reissued on fully paid at Rs. 80 per share. Amount transferred to Capital reserve will be_________.  
A.
B.
C.
D.
7.  Ramesh Ltd. Purchases furnitures for Rs.20,000 payable as to Rs. 6,500 in cash and the balance by an issue of 8% debentures of Rs. 100 each at a discount of 10% discount amount will be  
A.
B.
C.
D.
8.  Rich Ltd. had 3,000,12% Redeemable preference shares of Rs. 100 each, fully paid-up. The company issued 25,000 equity shares of Rs.10 each at par and 1,000 14% debentures of Rs. 100 each. All amounts were received in full. The payment was made in full. The amount to be transferred to Capital Redemption Reserve Account is  
A.
B.
C.
D.
9.  A Ltd, makes an issue of 10,000 equity shares of Rs. 100 each, payable as follows - On application and allotment             Rs. 50 On first call                                             Rs. 25 On second and final call                      Rs. 25 Members holding 400 shares did not pay the second call and the shares are duly forfeited, 300 of which are reissued as fully paid at Rs. 80 per share. Amount transferred to capital reserve will be
A.
B.
C.
D.
10.  Interest Rs. 3,000 received on debenture redemption fund investment will be:    
A.
B.
C.
D.
11.  On 1st Jan. 2001, a Limited Co. issued 14% Rs. 1,00,000 debentures at a discount of 6% repayable at the end of 5 years. Amount of discount to be written off every year will be  
A.
B.
C.
D.
12.  Pankaj Ltd. Issued 500 equity shares of Rs.100 each as fully paid up in consideration of purchase of plant and machinery Rs.40000. What will be  the amount of discount an issue of shares.  
A.
B.
C.
D.
13.  A company cannot issue redeemable preference shares for a period exceeding
A.
B.
C.
D.
14.  B Ltd. issued shares of Rs.10 each at a discount of 10%. Mr. C purchased 30 shares and paid Rs.2 on application but did not pay the allotment money of Rs.3. If the company forfeited his entire shares, the forfeiture account will be credited by  
A.
B.
C.
D.
15.  Dividend paid before the end of the financial year is known as__________  
A.
B.
C.
D.
16.  X Ltd. Issued 5000 10% debentures of Rs.125 each at a discount of 5% payable at a premium of 5% at the end of 5 years. The loss on issue of debentures will be  
A.
B.
C.
D.
17.  Pavan Ltd. Authorized capital 60,000 shares of 10 each. 4000 fully paid shares were issued to promoters for their services. This amount will be debited to  __________.  
A.
B.
C.
D.
18.  A collateral security of 8,000 10% Debentures of Rs.lO'each has been issued at a premium of 25% to A in lieu of a loan of Rs.1,00,000 taken on 1st January, 2006. At the end of the year, interest was paid on:  
A.
B.
C.
D.
19.  Lai & Co issued 10,000 debentures of Rs.100 each at a discount of 4% redeemable after 5 years at a premium of 6%. Loss on issue of debentures will be  
A.
B.
C.
D.
20.  According to Section 78 of the Compaines Act,the amount in the securities premium A/c can be used for the purpose of
A.
B.
C.
D.
Back to top


to post comments.

Removing ad is a premium feature

Upgrade and get a lot more done!
Take Another Quiz